The Indian market will continue to be driven by global cues and measures announced by the government, Marathon Trends CEO Atul Suri told CNBC-TV18 on April 27.
"How we will move forward will depend on global sentiment. Investors appear to be disappointed on the policy front and they think more measures are required to handle the crisis. At the moment, the market is waiting for stimulus and the restarting of the economy. It will decide whether Indian will be an outperformer or underperformer," Suri said.
The market was showing signs of uncertainty as in the US market, the current rally was driven by select large-caps and technology stocks, which was a sign that investors were avoiding risks and trying to play safe, he said.
Markets across the globe had bounced backs from the lows of March 2020 and there was a synchronisation of global markets, Suri said, adding even though all markets were not bouncing equally.
"India, on the bounce back, has not been a very strong place to be in and has been a relative laggard. We broke out of 9,000, which was an important level, and we are trying to hold on to that level," Suri said.
The Indian market would rise and the government stimulus would precipitate it, he said.
"In the short term, I am bullish and optimistic. I think the market will be much higher than they are today. We can do a catch-up if the government comes out with strong measures," Suri said.Talking about crude, Suri said what happened in the oil market was more of technical nature and it was not a reflection on demand and supply. It showed an obsession for negative news, Suri said.